Annual Report | TT Club Mutual Insurance N.V.

This is the first year of operation for TTNV. After having received the license in December 2023, the Company spent the majority of 2024 preparing for it insurance activities. It was envisaged from the outset that the portfolio would be transferred from UK P&I Club N.V. (“UKNV”) based in Rotterdam that has acted as fronting insurer for the TT Club since 2021. Given that management between UKNV and TTNV overlap, clients, underwriting processes and claims were already known to the management of TTNV. 

The actual starting point of underwriting of EEA risks in TTNV coincided with the date of the transfer of the historical liabilities from UKNV, at the 1st September 2024. The transaction has been approved by the insurance regulator De Nederlandsche Bank (“DNB”). All new EEA contracts have since been processed by TTNV.